Search This Blog

Posts

Billing quick winsHow you bill your clients makes a big
difference to cash flow. The way you bill has everything to do with how
payment will be made. Are you giving your clients an easy excuse to not pay
you?

1. State
the payment termsFirms traditionally offer credit easily. Whilst
new clients are accepted through a risk analysis process the voice of the
Credit Controller is not heard enough. These processes should identify
potential risks through references to available searches and past history
including the firm’s own records.

Before you offer credit make sure you agree
and negotiate the terms of payment. You do not have to accept the 30 days from
the end of the month the invoice was received. You are allowed to ask for a
shorter term. What is important is that the client understands the terms and
agrees to these terms before you start the matter. As a reminder, always ensure
that the payment terms are listed on every bill. State the actual due
date which is more effective than just…